On Tuesday the House passed the Republican Tax Plan by a 227-203 margin. Politico Tax Reporter Aaron Lorenzo explains the path forward for this legislation in the Senate, and how individuals and corporations will be impacted.
Lorenzo says he expects the GOP plan to pass the Senate, and signed by President Trump before the end of the year. The bill is a $1.5 Trillion tax cut which nearly doubles standard deduction, and cuts the corporate tax rate from 35 percent to 21 percent. Lorenzo says he expect retail to be a big winner, because they do not face a big margin.
According to a recent Gallup Poll, more than half of Americans say the proposed tax cuts would not help their families financial situation, and would not help the U.S. economy.
New York City could pay out $13 million to racial injustice protesters, many of whom were arrested and beaten during the protests after George Floyd's murder.
At a House hearing on Wednesday, two IRS whistleblowers accused the Justice Department of giving Hunter Biden special treatment in his tax evasion case due to political concerns.
Border Patrol does not have protocols for assessing medical needs of children with preexisting conditions, according to an independent report made public Tuesday on the death of an 8-year-old girl from Panama who was in federal custody.
